Xstrata in talks with Glencore over merger

AlexMacDonald

LONDON (MarketWatch) -- Anglo-Swiss miner Xstrata PLC (XTA.LN) confirmed Thursday that it has received an approach from and is in talks with commodities titan Glencore International (GLEN.LN) regarding an all-share merger of equals.

Xstrata said that Glencore is required, by no later than 1700 GMT on March 1, to either announce a firm intention to make an offer or to not make an offer. The deadline can be extended, it added.

Xstrata added that the deal may or may not lead to an offer being made by Glencore for Xstrata. "There can be no certainty that any offer will be made," it said in a statement.

The announcement was made with the agreement of Glencore. "Any further announcement will be made as appropriate," it added.

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